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Artificial Intelligence-Related Cryptocurrencies See Significant Rally
Artificial Intelligence-related cryptocurrencies have experienced a notable surge in the past day, driven by several new developments in the AI industry that have reignited interest among investors.
Top Gainers in AI-Related Cryptocurrencies
NEAR Protocol, the largest AI coin by market capitalization, rose 6% in the last 24 hours, trading at $5.45 per coin. Other notable gainers include Internet Computer, Render, Bittensor, and Fetch AI, which saw gains of 5.2%, 7.6%, 7.5%, and 4% respectively in the same period.
Meanwhile, other AI tokens such as Livepeer, Virtuals Protocol, AI Rig Complex, and PAAL AI recorded higher gains of 20.7%, 20.5%, 19.5%, and 16.7% respectively. These gains have pushed the total AI coins market capitalization up 25%, standing at $43.5 billion.
Driving Factors Behind the Surge
The AI sector’s surge can be attributed to the recent announcement by President-elect Donald Trump regarding the appointment of key personnel to centralize artificial intelligence policy and reinforce the nation’s leadership in transformative technologies.
Sriram Krishnan has been appointed as senior policy advisor for Artificial Intelligence, a newly created role within the White House Office of Science and Technology Policy. Michael Kratsios and Lynne Parker have also been named to key positions, bringing their expertise in advancing the AI industry.
The appointment of AI experts to key positions in the Trump administration has likely strengthened investor confidence in the future of the AI industry. AI-related crypto assets often experience rallies in response to positive developments and bullish news within the AI sector.
Major Funding Announcement from xAI
Another key factor supporting the recent surge in AI tokens is the major funding announcement from xAI, the AI startup founded by billionaire Elon Musk. The company has secured $6 billion in its latest funding round, bringing its total valuation to over $40 billion.
The newly raised funds will be allocated toward building advanced AI infrastructure and enhancing the development of its flagship models. This funding round included participation from chip-making giants NVIDIA and AMD.
AI Tokens Previously Reached All-Time High
As previously reported, AI tokens reached an all-time high on November 28, following an exceptionally bullish quarterly sales report from AI chip-making giant Nvidia, which surpassed market expectations.
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